Ultra-Compact Electric Car Market Introduction
Ultra-compact electric car is an ultra-compact electric powered versatile urban-transportation vehicle. Ultra-compact electric cars are low speed vehicles and can carry both passengers and cargo. Ultra-compact electric cars are light-weight, simpler to assemble, cost-effective, and enhance multiple model variants. Ultra-compact electric cars are exempt from most emission regulation and safety standards and regulations that are applicable to other motor transportation vehicles.
Global Ultra-Compact Electric Car Market - Competitive Landscape
- In 2019, Citroën showcased its new ultra-compact concept car “Ami One Concept electric vehicle” for unlicensed drivers. The company’s vision for the future of mobility in cities is designed to be a possible alternative to shared motor bikes and cars. The ultra-compact vehicle has a top speed of only 28 miles per hour, which qualifies it in several countries to be operated by people who don’t have a car driver's license.
Toyota Motor Corporation
Established in 1937, Toyota Motor Corporation has its headquarters Aichi Prefecture, Japan. Toyota Motor Corporation engages in the design, development, assembly, manufacture, sale, and supply of automobiles, automotive parts, and accessories across the globe. The company is focused on the development of environment-friendly vehicles such as zero-emission vehicles. It invested more than US$ 9.35 Bn in R&D in 2017-2018.
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Founded in 1976, Groupe PSA has its headquartered in Rueil-Malmaison, France. Groupe PSA was formed by the grouping of two car manufacturing giants of France, Peugeot and Citroën. In 1976, Peugeot and Citroën merged together and formed PSA Peugeot Citroën. In 2016, they changed the name of the company to Groupe PSA. Groupe PSA has published 1,021 new patent applications in 2017 in France and sold around 3.9 million vehicles, worldwide, in 2018.
Global Ultra-Compact Electric Car Market Dynamics
Noiseless operation, economical, and light weight of ultra-compact electric car drive demand
Demand for electric vehicles is rising at a significant rate; however, higher price of these vehicles is posing a major challenge to the adoption of electric mobility. Advent of ultra-compact electric cars, which are considerably compact, economical, and lightweight, leads to higher adoption of electric mobility and its usage as compared to compact and sedan electric vehicles. Moreover, the ultra-compact vehicle offers noiseless operation. These factors are projected to boost the demand for ultra-compact electric cars in the near future.
Rising adoption of green mobility and increasing traffic congestion across the globe
Presently, consumers across the globe are shifting towards green mobility owing to several factors such as high cost of fossil fuel, increase in transportation emission, stringent emission standards by governments to curb emission, and noiseless operation of electric vehicles. An ultra-compact electric car is the best possible solution, as it is pure electric car and quite compact and reduces traffic congestion, which is another rising concern, especially in urban and sub-urban areas, across the globe. Rising adoption of green mobility coupled with probable solution for traffic congestion is anticipated to propel the demand for ultra-compact electric cars in the near future.
Slow speed of the vehicle supplemented with limited seat capacity to hamper the ultra-compact electric car market
Unlike other large electric vehicles or conventional fossil fuel powered vehicles, ultra-compact electric cars do not poses high top speed and large seating capacity. This is majorly due to its compact design and slow speed in order to provide higher safety. Moreover, ultra-compact electric cars are designed and developed for urban transportation. This is likely to hamper the ultra-compact electric car market during the forecast period.
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Global Ultra-Compact Electric Car Market - Segmentation
Based on electric car type, the global ultra-compact electric car market can be bifurcated into
- Battery Electric Vehicle
- Plug-in Electric Vehicle
Based on battery type, the global ultra-compact electric car market can be split into
- Nickel Metal Hydride
- Lead Acid
Based on end-user, the global ultra-compact electric car market can be segmented into
Based on driving range, the global ultra-compact electric car market can be classified into
- Less than 50 miles
- 50-100 miles
- Above 100 miles
Based on wheels, the global ultra-compact electric car market can be segregated into
Based on seating capacity, the global ultra-compact electric car market can be divided into
- Three & above
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